The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident in several available literatures written by scholars on the subject it support jacksonville matter but a better examination of these literatures show tilted emphasis and concentrations of mit on some common areas relating to entrepreneurship.
Increasing challenges, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in an established interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.
Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred % success. There are several critical areas of knowledge and factors that must be acquired and used to allow entrepreneurs achieve a measure of business success and consequently causing national development.
Several experiments have been conducted in areas of entrepreneurship expertise, entrepreneurship success and national development.
Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably state that most entrepreneurial fiascos are essentially due to inadequate money (e. gary. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of money to business units for the sole reasons like boosting and keeping entrepreneurial development for rapid national development.
The above, policy strategy unfortunately has led to the continuous neglect on the part of the us government, scholars and business operators in these countries to considering other vital factors like entrepreneurial expertise which equally contributes to successful entrepreneurship, business success and national development.
The current literatures on the subject do not provide sufficient arguments to the role general and/or specific competences play in successful entrepreneurship, business success and national development. It has thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures. The above in order to evident in several available studies done by scholars on the subject matter (e. gary Crook, Todd, Combs, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e. t. c).
Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business honesty competence, social responsibility competence, decision-making competence and authority competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.
As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the variety of jobs created, the degree of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.
There is no doubt that government of the world have put great efforts to advertise entrepreneurship development, business success and economic development through provision of money directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.
Why are there still high rate of business failure around the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be reportedly and are largely assigned to lack of entrepreneurial competence.
Most of the businesses failed undoubtedly even before there are started because of lack of one of the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been seen as the missing link for successful entrepreneurship, business failure and consequently crawling national development and often stalled economy. What then is entrepreneurship competence?
Before we start working on defining and explaining entrepreneurship competence and understand the contextual meaning in which it is doing work in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.
Entrepreneurship may be defined as the process whereby something new and valuable is generated through the dedication and effort of someone who takes on financial, psychological, and social risks and searches for personal satisfaction and monetary rewards (Hisrich & Peters 1986).
Eu Commission, (2006) defined Entrepreneurship as a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by altering ideas into practical and targeted activities, whether in a social, cultural or economic context.
Critical assessment of the above two updates described the concept of entrepreneurship by straining creation processes and performance of targeted activities. Entrepreneurship as defined above is not necessarily limited to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most prominently, the ability to plan, manage projects and to turn ideas into action in order to achieve set objectives for successful entrepreneurship. But, it requires tact, art and expertise to achieve winning edge success.
Entrepreneurship success is a multidimensional phenomenon. It provides multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the case of shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To reach your goals in any of the following sections, one must be competent in his/her chosen area of enterprise.
Entrepreneur competence can therefore be defined as the cluster of related knowledge, perceptions, and skills which directing his own course must acquire or possess to achieve a highly skilled performance and maximize the business objective(s) among several limits. Every job/role has a skill and expertise requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an designated entrepreneurial job successfully.
Entrepreneurship competence constitutes a cluster of related knowledge, perceptions, and skills, which an individual acquires and uses together, to produce outstanding performance in different given area of entrepreneurial responsibility. Some of these competences may be general and some odd to the chosen areas of enterprise. Organic meat describe competences to mean abilities and skills, for a teacher or a performing artist, for example, it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft.
In like manner, entrepreneurial competences are critical success factors required for successful entrepreneurship, business success and of course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is no substitute for entrepreneurship competence for successful entrepreneurship, not even abundant money can. There is no doubt as explained, entrepreneurial competence play important role in different successful entrepreneurial activities.
Listed below are some of the necessary entrepreneurial competences required for successful entrepreneurship and rapid national development. We shall be discussing below 8 of the basic essential entrepreneurial competence for successful business.
- Time Management competence: Time is an economic good; it is an economic good worthy of effective and efficient management because of it scarce nature (Dan-Abu, 2015). Time is unique, unlike any other economic resources (input) such that it has no wing but can “fly”. Time is irreplaceable and irreversible. Time lost is lost forever and can never be restored, and by i always it provides, time lost doing unimportant things. This is why few things are more important to directing his own course and for successful entrepreneurship than learning how to save and spend an afternoon wisely. One significant reasons of entrepreneurship failure in relation to time management is performing too many things at the same time in an unproductive manner.
To achieve more and stay successful in the day to day running of an enterprise, the entrepreneur must be thoroughly equipped with time management skill. Investing and practicing effective and efficient time management skill is a profitable investment for every entrepreneur, since every efficient business act is a success alone. It therefore means that, if every single act of entrepreneurial activity is undertaken with consistent efficient one, the enterprise all together must be a success.
Time management involve among others practices, commitment to work contract and taking personal pains to complete a job on schedule, this will promote confidence and loyalty on your business/organization and will thus led to winning of more contracts from clients again and again; prioritizing of task based on desperation and importance in relation to a project activities and delegating of task to subordinates.
Some common time consuming activities include slow decision making, inability to delegate, unnecessary interruptions, failed appointments, delays while traveling, inadequately conducted meetings, procrastination, etc.
- Communication competence: Communication is a two-way process characterized by sending and receiving of messages by way of a route between sender and device. This may be mental or non-verbal for example, telephone call and procurement proposal respectively. Good communication skill is an imperative management tool for a successful entrepreneurship. It is through communication that procurements are made, business products/services can be bought, business objectives are discussed, employees are recruited etc.